A license for a Bulgaria Electronic Money Institute (EMI) is issued by the Bulgarian National Bank under the Law on Payment Services and Payment Systems, 2018 and Ordinance No. 16 of the Bulgarian National Bank. A Bulgaria EMI license is essential to provide electronic money services within the country. As Bulgaria is a member of the EU, any licenses obtained from the country may also be used to provide Electronic Money services across the EU subject to completion of local registration requirements in the other country.
The entire process in detail and apply for a Bulgaria An application for a Bulgaria Electronic Money Institute has to be made to the Bulgarian National Bank also known as the BNB.
The licenses for a Bulgaria Electronic Money Institute will be granted subject to the applicant fulfilling the requirements set by the BNB.
The process of application is designed to evaluate if you are competent to carry on the financial service business mentioned in your application based on your resources and can meet obligations.
The basic requirements which have to be fulfilled by an applicant include a local Limited Liability Company or a Joint Stock Company, an Initial Capital Requirement of BGN 250,000, Own Funds and a team of experienced directors and management. A license is generally granted within 3 months of submission of a fully completed application.
Empire Global has a team of experienced professionals who will assist you through the entire process of Bulgaria Electronic Money Institute application including assistance in the preparation of documents, submission of application and responding to any queries from the BNB. We request you to get in touch with Empire Global at the earliest to understand Electronic Money Institute.